The effective capital expenditure has been increased by 30% YoY vs FY23RE and +28% YoY vs FY23BE to Rs1.37trn in FY24BE; highlighting government’s intent to maintain emphasis on Infrastructure spending (3yr Cagr is 28%), especially in a pre-election year. This augurs well for Cement demand growth in FY24 and improves visibility on our expected FY24ii industry volume growth of 9-10% YoY. Key increase is seen in the Road and Metro segments; while allocation to Housing is largely maintained.
Analysts of IIFL Capital Services believe positive impact of the budget announcements on the cement sector.
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